Middle East Tensions Drive Oil Prices to New Highs

Oil prices continue to rise, with Brent nearing $91 a barrel, driven by escalating tensions in the Middle East following a strike on an Iranian diplomatic compound in Syria and fears of wider regional conflict. Geopolitical tensions in the Middle East and Ukraine, OPEC+ supply restrictions, and healthy demand have contributed to a 18% surge in crude prices this year. Cease-fire talks between Israel and Hamas remain deadlocked, while OPEC+ has chosen to maintain supply cuts, further tightening global markets and bolstering the case for higher prices. Some market analysts predict the potential for Brent to rally to $100 a barrel this year.